So much for Cyprus, are we back in the Down Trend ?

And here I thought we are back on the Bull…What does it look like on the 4H chart ? Yes we are still bearish. But for how long…well,, the next demand level is not until 1.2750 on the weekly chart. So might as well be careful selling into a demand nearby.  Current strategy is now to Sell to any strength or at best any fresh supply.

For day traders out there, look for the same resistance or supply level in the smaller time frame. Here is my 4H look like. I am prepping for any move above to sell at 1.3050 supply gap. If that ever happens. while waiting its nice and fun to trade the day trade short term income.

Bearish but near weekly chart demand

Bearish but near weekly chart demand

The only Obstacle here is a resistance. Reported Sellers are lining up at 1.2990 near the 1.3000 barrier.  But my theory is that, possible consolidation and probably the price might go as far as 1.3000 if we are lucky or exactly at those sellers price level.

Again, what fundamentally may say, its irrelevant. Monitor what the Cypriot will be conveying, because I don’t give a rat ass about it. Best to trade other pairs for the time being.

 

Happy trading everyone.

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